We live in a time where futuristic technology is followed for innovative and exciting solutions. Artificial intelligence and machine learning are growing technologies and they are going to stay here for a long time. So instead of keeping them aside, we should start thinking about how they can be used profusely to change the way businesses are conducted today around us; across the globe. Some of the businesses may undergo tremendous changes while others will not be much affected by these disruptive changes.
The extent of the effect of artificial intelligence and machine learning at the business level and the gravity of vulnerability they will face are based on factors like the kind of business, technology deployment, the maturity of the sector and its dependencies.
Businesses are different and so they face different challenges and have different issues. This clearly points to the fact that they need solutions which are focused on solving the specific area of the business segment. Pattern recognition and predictive analytics are the top advantages of machine learning. You get to analyze the normal processes of the business and look for patterns in it by applying AI and ML algorithms. Based on the same it becomes possible to automate outcomes that are efficient. When it comes to applying automation, data plays a key role and it works towards offering outcomes that are quick and efficient.
Here in this section, we will discuss the top core business areas which are changing with the influence of machine learning and artificial intelligence
Financial services industry is said to undergo major changes because of the presence of a large number of repetitive tasks as well as the availability of a large amount of data. This forms an easy platform for the deployment of machine learning and artificial intelligence.
Some of the common applications of ML and AI in the financial service sector are robot-advisors, risk management, digital assistants and chatbots for customer service. algorithmic trading, stock market analysis, pattern recognition based predictive analysis, background checks, process automation, and fraud detection & prevention.
We can say that healthcare is one of the industries which can be considered best in terms of bringing AI revolution as it depends completely on data collection and processing. The application of robotic surgery in hospitals has now become a reality. In the healthcare industry, accurate and fast data processing and decision making based on insight is becoming very crucial especially when the decision is to make between life and death.
Some of the areas where AI and ML are working together with medical professionals to offer better healthcare solutions are treatment predictive medication, genetic imaging, diagnosis, biometric sensors, prescription, symptom comparisons, patient monitoring, work on patient data with cognitive analytics and surgical precision.
Self-driving cars which we show in science fictions are no more an imaginary thing rather it has become a reality today. It is understood that the implementation of these innovative transportation technologies will do magic in the transportation industry. As per the report of Gartner, by 2020 there will be 25 billion smart cars on the road. These cars will be connected with their environment as well as with each other.
As per Business Insider, the majority of the retailers will invest in AI and IoT by 2021 for location-based marketing, supply chain automation, machine learning, customer traffic sensors, big data solutions, and asset tracking.
This is the golden age of retail industry and the same has been made evident through the large pool of eCommerce business which makes use of advanced technologies like AI, ML, and IoT to gain a competitive edge in the market. Retail sector today greatly depends on the insights of big data and AI is said to make huge changes especially with targeted marketing efforts.
Real estate is a large and booming industry which comes with a set of many other industries like construction, interior designing, etc. The happenings in the real estate industry are said to have the influence on a greater extent and can spread across greater areas and so it is very important that you have an idea about how the industry is progressing.
It is true that complete implementation of AI and ML in this sector is yet to be seen but it is felt that they have great potential in here. The real estate companies like Compass have started to make use of AI-based end-to-end solutions in order to connect with people planning to buy homes and show them suitable options. In the coming time, it will be really exciting to see how actually ML and AI will work towards transforming this industry completely.
When it comes to the functions of the HR department, HR analytics is said to be the biggest disruption happening around. HR departments generate tonnes of data every day and for them, the biggest challenge is to channelize the data in such a manner that valuable and meaningful insights can be obtained from them. For any organization, human resources play a key role and so planning to go ahead with HR analytics will be meaningful.
**Some of the analytics issues arising in HR which can be brilliantly tackled with AI and ML are:
• Employee performance analytics
• Competency acquisition analytics
• Capability analytics
• Corporate culture analytics
• Capacity planning for optimizing workforce
• Employee attrition analysis
Telecom is one of the biggest industries which manage huge amounts of data. Larger volumes of data point towards getting better insights. Such large volumes of data have helped the officers at top levels in improved decision-making processes. Telecom industry has grown and evolved over the years and now is greatly influenced by big data analytics and machine learning. In recent years, the industry has worked towards offering impeccable services and customer delight in a revolutionary manner. In order to help reach this level machine learning and Data Science has played a key role.
Right from churn analysis, customer segmentation to predictive serve failure models; this industry has tried to include everything into the core business. Some of the important areas which the telecom industry covers in terms of AI and ML implementation are customer segmentation to offer personalized packages, sensor coverage, customer portfolio models, Predictive Serve Failure model, customer churn analysis, easy accessibility to customers, etc.
Wrapping it up
The businesses or the business sectors which will not come forward to adopt machine learning and artificial intelligence in the coming future will be left behind. They will automate tasks, improve your relationship with your customers, helps with predictive analysis for better marketing techniques as well as for product selection. Such activities will help the business get gain against the ones which don’t follow the trend. When it comes to using technologies businesses always look for better ways of its deployment and it is sure that the way AI and ML are used will become effective and efficient in the coming years.